Resources IPOs seek $7m from the market

West Perth-based Overland Resources Ltd and Leederville's Blackham Resources Ltd both launched their inital placements today, aiming to raise funds for exploration of various projects.

Overland, chaired by Iberian Resources Ltd director Michael Haynes, aims to raise $3 million for exploration of its nickel, copper and platinum projects in New South Wales, Victoria and New Zealand.

Issuing 15 million shares at 20 cents each, the company has stated that the money raised will be sufficient to cover exploration costs for the next two years. The company will not accept over subscriptions, but will issue 7 million options on completion of the offer.

Joining Mr Haynes on the board is Hugh Bresser, ex BHP, as managing director, and Iberian Resources director Matthew Wood.

The offer is underwritten by Sydney's KTM Capital Pty Ltd, with Mack and Co to act as auditor and investigating accountant. Steinepreis Paganin will act as Solicitors to the company.

Trade of shares will begin on September 1, and close at 5pm WST on September 28.

Blackham Resources, on the other hand, aims to raise $4 million for exploration its 35 per cent interest in the Carbine North Project, a gold pprospect located 60km north west of Kalgoorlie Boulder.

The company has issued 20 million shares at 20 cents each, and has employed Rix Levy Fowler as Investigating Accountant and Auditor, with Mining Corporate providing IPO compliance, and Price Sierakowski acting as legal advisors.

The managing director of Blackham, Bryan Dixon, is a non-executive director of Hodges Resources Ltd, and recently left hte boards of Uranium King Ltd and Catalyst Metals Ltd. He is joined on the Blackham board by Jackson Gold Ltd executive director Brett Smith and Bannerman Resources Ltd director Stephen Brockhurst, who will also serve as Blackham's company secretary.

Subscriptions open on September 1, and close on October 2.

The deal is not underwritten.